Photo Release

Gordon propounds amendments to Foreign Investment Act: Sen. Richard Gordon proposes amendments to Senate Bill No. 1156 or the act amending Republic Act No. 1042 otherwise known as the Foreign Investment Act of 1991, Tuesday, September 14, 2021. Gordon proposed the insertion of a new paragraph on Section 5 of the bill on the composition of the Inter-Agency Investment Promotion Coordination Committee to include one representative each from Luzon, Visayas and Mindanao who shall be chosen from a list of nominees prepared and submitted by a nationally-recognized leading industry or business chambers. Sen. Imee Marcos, sponsor of the bill, accepted the amendment, saying private sector participation will be very valuable. Being a certified bill, SB 1156 was approved on third and final reading by the Senate with a vote of 21 affirmative, 0 negative and 0 abstention. (Screen grab/Senate PRIB)